Published Jun 3, 2026 · S&P Global
S&P Global's Q1 2026 stablecoin report spotlights the bank-governed Cari Network, building a tokenized deposit platform on a private ZKsync deployment.
S&P Global Market Intelligence's Q1 2026 stablecoin monitor tracks how banks and payment incumbents are shifting from pilots to real-world deployments of stablecoins and tokenized deposits. A key development: six large U.S. regional banks — First Horizon, Huntington Bancshares, KeyCorp, M&T Bank, Old National Bancorp and SouthState — have formed the bank-governed Cari Network, building a shared tokenized deposit platform on a private version of ZKsync's technology to enable instant, 24/7 interbank payments. The report frames this consortium model alongside proprietary efforts from BNY Mellon and JPMorgan, and notes how the GENIUS Act is pulling stablecoin issuance onshore. For ZKsync, it's a signal that bank-grade, privacy-preserving settlement infrastructure is moving into production among established financial institutions.
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